Molycorp (NYSE:MCP) crossed under its 10-day moving average of $28.62 on a volume of 2.0 million shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.
There is potential upside of 153.8% for shares of Molycorp based on a current price of $28.13 and an average consensus analyst price target of $71.40. The stock should find initial resistance at its 50-day moving average (MA) of $29.25 and further resistance at its 200-day MA of $47.79.
In the past 52 weeks, Molycorp share prices have been bracketed by a low of $23.05 and a high of $79.16 and are now at $28.13, 22% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 2.5%.
Molycorp, Inc. produces rare earth products, including oxides, metals, alloys and magnets for a variety of applications including clean energy technologies, technology, and defense applications.
